CNBC Excerpts: BlackRock Chairman and CEO Larry Fink Speaks with CNBC's "Squawk Box" Today

WHEN: Today, Thursday, July 14th

WHERE: CNBC's "Squawk Box"

Following are excerpts from the unofficial transcript of a CNBC interview with BlackRock Chairman and CEO Larry Fink on CNBC's "Squawk Box" (M-F, 6AM-9AM ET) today, Thursday, July 14th. Following are links to the video on CNBC.com: http://video.cnbc.com/gallery/?video=3000534360, http://video.cnbc.com/gallery/?video=3000534334, http://video.cnbc.com/gallery/?video=3000534326 and http://video.cnbc.com/gallery/?video=3000534322.

All references must be sourced to CNBC.

FINK ON BREXIT

WE'RE PRETTY CONVINCED THAT BREXIT IS GOING TO CAUSE A SHORT-TERM RECESSION. MAYBE LONGER DEPENDING ON IT. AND MAYBE – OBVIOUSLY WE HAVEN'T HEARD THE NARRATIVE FROM THE BANK OF ENGLAND – MAYBE THEY WANT TO WAIT AND SEE EVIDENCE OF A TRUE SLOWDOWN BEFORE THEY DO IT.

FINK ON EARNINGS

WE REPORTED RECORD ASSETS. $4.9 TRILLION. ASSETS ARE UP 4% YEAR OVER YEAR. AND YET OVER THE COURSE OF THE YEAR BECAUSE THE VOLATILITY AND THE AVERAGE MARKETS WERE MUCH LOWER, ASSETS WERE FLAT. AND THE OTHER BIG ISSUE FOR US WAS WE SAW, AS I SAID, OUTFLOWS OUT OF EQUITIES AND WE SAW HUGE INFLOWS IN FIXED INCOME. SO YOU'RE SEEING A RISK-OFF TRADE AS WE CALL IT AROUND THE WORLD. SO THE MIX OF OUR BUSINESS FROM OUR CLIENTS HAVE CHANGED.

FINK ON INFRASTRUCTURE

I THINK WE SHOULD CERTAINLY CHANGE OUR CORPORATE TAX RATES. WE SHOULD CERTAINLY LOOK AT WAYS OF ELIMINATING SOME OF THE REGULATIONS. SO I'M ALL IN FAVOR OF THAT. WHAT I'M SUGGESTING AND WHY I'M EMPHASIZING INFRASTRUCTURE IS BECAUSE THAT CREATES IMMEDIACY IN JOBS.

FINK ON GLOBAL TRADE

I'M A BIG BELIEVER IN GLOBAL TRADE. AND I DO BELIEVE THE NARRATIVE THAT THE UNITED STATES IS THE LARGEST EXPORTER IN THE WORLD HAS BEEN LOST IN THIS WHOLE CONVERSATION. WE ARE THE LARGEST IMPORTER, BUT WE ARE ALSO THE LARGEST EXPORTER...I THINK WE HAVE MISCAST THE PROBLEMS WE HAVE. WE IDENTIFY THAT IT'S GLOBAL TRADE, IT'S OFFSHORING ALL THAT. I ACTUALLY BELIEVE THE FUNDAMENTAL PROBLEM THAT WE WERE WITNESSING OVER THE LAST 20 YEARS – AND IT'S GOING TO ACTUALLY ACCELERATE IN THE NEXT TEN – IS HOW TECHNOLOGY IS CHANGING THE WORKFORCE. AND WE'RE ELIMINATING JOBS THAT WAY.

FINK ON BONDS

I AM WORRIED THAT INTEREST RATES ARE GOING LOWER BEFORE THEY GO HIGHER. I HAVE SAID INTERNALLY AND TO OUR CLIENTS THAT I WOULD NOT BE SURPRISED. I'M NOT PREDICTING IT, BUT IF SOMEBODY TOLD ME THE 10-YEAR TREASURY'S AT 75 BASIS POINTS, I WOULD NOT BE SURPRISED.

FINK ON RALLY

I MEAN, HERE WE ARE. WE'RE SEEING INVESTORS WORLDWIDE PAUSING. WE HAVE SEEN QUITE A LARGE SUM OF MONEY BEING PULLED OUT OF EQUITIES OVER THE LAST YEAR AND YET WE'RE AT RECORD HIGHS…THIS RALLY IN MY MIND IS NOT -- I DON'T THINK WE HAVE ENOUGH EVIDENCE TO JUSTIFY THESE LEVELS IN THE EQUITY MARKET AT THIS MOMENT.

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